Your Price Guide to Residential Real Estate Investing
For residential real estate investors, purchasing properties at the right price is the key to success. Here are a few ways we purchase discounted property to add to our portfolio. Having systems to enter and exit these properties ensures successful investing.
At HIS Real Estate Network we’ve developed a system I’d like to share with you, and that’s what we’re going to discuss here: the process of a residential real estate transaction and being able to buy it at a discount and exit with the right exit strategy at the right time.
One of the ways we get inventory at the right price is we have multiple agents; we call them birddogs. We have an extensive network of real estate professionals and we are always networking.
We network with different individuals that are professionals in the real estate industry, and we have them search and hunt for properties that fit our criteria. We give them the specifics of what we’re looking for, and they go out there and start submitting offers on our behalf.
As a result, people are always looking at us as the individuals that are going to be able to purchase the inventory, and we become that exit strategy for those birddogs out there.
We have a put-together system to incentivize those agents, those birddogs out there, to bring us inventory. Every day people are out there motivated, looking for inventory so they can bring it back and sell it to me. We have the infrastructure in place to enter and exit the properties.
We get properties from banks as well, known as REOs. Recently the market has changed a little bit, and the banks are holding back that inventory to some degree. But the moment those properties are released again into the market, we already have the systems in place that allow the banks to come immediately to us and say, “Hey, I have this inventory. Here it is, buy it.” The banks know that we have these tools to quickly and easily purchase those properties.
Short sales are another opportunity to buy property below market value. A few years back nobody knew what a short sale, and even though many real estate professionals still don’t properly understand the art of them, they can be avenues to investing wisely. We do short sales for multiple agents that have the ability to scout the properties and therefore we get the offer submitted at the discounted price.
Another method to building our residential real estate portfolio at the right price is through buying nonperforming notes. We like to buy nonperforming notes because we have the systems that help us acquire the real estate, and that is key.
Again, we’re very specific as to the criteria we use to buy. And none of this would be successful without having first built the correct systems to handle this inventory. But all of the above have worked well for us, and, with the proper training, can work for you too!
One deal to financial freedom? Luis Roque invites you to get access to ask the real estate experts who are mentors to millionaires today! Attend the next free commercial real estate webinar with some of the nation's leading real estate experts: Real Deal Commercial Webinar.
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ABOUT THE AUTHOR
Luis D. Roque has over 10 years of real estate and lending expertise working for the largest lending institutions in the U.S. Luis has also worked for investment companies as a consultant to oversee the investor relations, and residential real estate acquisitions departments achieving as many as 50 properties bought fixed and flipped for profit in a quarter. Luis is a managing partner of HIS Real Estate Network residential and commercial real estate buying group.